S&P 500   4,455.48 (+0.15%)
DOW   34,798.00 (+0.10%)
QQQ   373.33 (+0.09%)
AAPL   146.92 (+0.06%)
MSFT   299.35 (-0.07%)
FB   352.96 (+2.02%)
GOOGL   2,844.30 (+0.71%)
TSLA   774.39 (+2.75%)
AMZN   3,425.52 (+0.28%)
NVDA   220.81 (-1.78%)
BABA   145.08 (-4.04%)
NIO   35.38 (-1.75%)
CGC   13.91 (-4.46%)
GE   103.80 (+0.82%)
MU   74.05 (+0.01%)
AMD   105.80 (-0.33%)
T   27.13 (-0.22%)
F   13.78 (+0.51%)
ACB   5.95 (-3.25%)
DIS   176.00 (-0.14%)
PFE   43.94 (-0.57%)
BA   221.39 (+0.13%)
AMC   40.01 (+0.08%)
S&P 500   4,455.48 (+0.15%)
DOW   34,798.00 (+0.10%)
QQQ   373.33 (+0.09%)
AAPL   146.92 (+0.06%)
MSFT   299.35 (-0.07%)
FB   352.96 (+2.02%)
GOOGL   2,844.30 (+0.71%)
TSLA   774.39 (+2.75%)
AMZN   3,425.52 (+0.28%)
NVDA   220.81 (-1.78%)
BABA   145.08 (-4.04%)
NIO   35.38 (-1.75%)
CGC   13.91 (-4.46%)
GE   103.80 (+0.82%)
MU   74.05 (+0.01%)
AMD   105.80 (-0.33%)
T   27.13 (-0.22%)
F   13.78 (+0.51%)
ACB   5.95 (-3.25%)
DIS   176.00 (-0.14%)
PFE   43.94 (-0.57%)
BA   221.39 (+0.13%)
AMC   40.01 (+0.08%)
S&P 500   4,455.48 (+0.15%)
DOW   34,798.00 (+0.10%)
QQQ   373.33 (+0.09%)
AAPL   146.92 (+0.06%)
MSFT   299.35 (-0.07%)
FB   352.96 (+2.02%)
GOOGL   2,844.30 (+0.71%)
TSLA   774.39 (+2.75%)
AMZN   3,425.52 (+0.28%)
NVDA   220.81 (-1.78%)
BABA   145.08 (-4.04%)
NIO   35.38 (-1.75%)
CGC   13.91 (-4.46%)
GE   103.80 (+0.82%)
MU   74.05 (+0.01%)
AMD   105.80 (-0.33%)
T   27.13 (-0.22%)
F   13.78 (+0.51%)
ACB   5.95 (-3.25%)
DIS   176.00 (-0.14%)
PFE   43.94 (-0.57%)
BA   221.39 (+0.13%)
AMC   40.01 (+0.08%)
S&P 500   4,455.48 (+0.15%)
DOW   34,798.00 (+0.10%)
QQQ   373.33 (+0.09%)
AAPL   146.92 (+0.06%)
MSFT   299.35 (-0.07%)
FB   352.96 (+2.02%)
GOOGL   2,844.30 (+0.71%)
TSLA   774.39 (+2.75%)
AMZN   3,425.52 (+0.28%)
NVDA   220.81 (-1.78%)
BABA   145.08 (-4.04%)
NIO   35.38 (-1.75%)
CGC   13.91 (-4.46%)
GE   103.80 (+0.82%)
MU   74.05 (+0.01%)
AMD   105.80 (-0.33%)
T   27.13 (-0.22%)
F   13.78 (+0.51%)
ACB   5.95 (-3.25%)
DIS   176.00 (-0.14%)
PFE   43.94 (-0.57%)
BA   221.39 (+0.13%)
AMC   40.01 (+0.08%)

Hog dealer fires Iowa-based employees over buying violations

Thursday, July 29, 2021 | Ryan J. Foley, Associated Press

IOWA CITY, Iowa (AP) — An influential hog dealer sanctioned twice for defrauding pork producers out of hundreds of thousands of dollars says it has fired employees responsible for its latest violations and paid restitution to affected sellers.

Lynch Livestock, based in Waucoma, Iowa, also announced that pork industry veteran Dan Sutherland would lead the company going forward “as a further safeguard against future violations,” citing Sutherland’s experience in compliance matters.

Lynch announced those moves in a press release posted online Wednesday, after The Associated Press reported that the U.S. Department of Agriculture had taken enforcement action against the company for illegal buying practices for the second time since 2017.

The company’s longtime owner, Gary Lynch, a top booster of Iowa State athletics and political donor to Iowa Republican elected officials, hasn’t returned messages seeking comment.

In the press release, his company said the USDA received a complaint in January that employees at its Waucoma buying station were manipulating the scale and issuing false tickets to artificially lower payments to producers.

Lynch said it investigated the allegations and terminated an unspecified number of employees who engaged in those practices.

“Although this situation arose due to the actions of a few employees at one buying station, we take this matter very seriously,” Gary Lynch, 74, was quoted as saying. “We have already made great strides in establishing new processes and procedures to empower employees and ensure producers receive fair compensation.”

USDA said its investigation found the practices went on for three years, from January 2018 through 2020. The agency ordered Lynch Livestock to pay $445,626 in penalties and restitution, and to stop recording false weights, altering classifications of hogs delivered, and creating false scale tickets.

The company said restitution has already been sent to producers who were underpaid for their hogs.

The USDA had ordered Lynch to pay a fine and restitution and to stop the same practices in 2017, after an investigation found the company “willfully violated” the Packers and Stockyards Act. Company employees arbitrarily lowered weights for delivered hogs, downgraded their classifications, fictitiously claimed dead hogs to lower prices and created false scale tickets to back up altered weights.

The USDA has resolved more than 100 legal actions against businesses and individuals for alleged fair trade violations in the livestock industry in the last five years. Lynch Livestock and meat giant JBS USA are the only companies that have faced sanctions twice during that period, according to data on its website.

The USDA has not revoked Lynch’s dealer license and praised the company in a press release last week for its cooperation and voluntary corrective actions. The company operates 39 buying stations across eight Midwestern states, and markets hogs to major packing plants across the country.

Gary Lynch’s brother, John Lynch, has alleged in a wrongful termination lawsuit that he discovered weighing and sorting violations in April 2017 and was fired almost immediately after reporting them to company executives. Gary Lynch then reported the irregularities to the USDA, which launched its investigation.

In its press release, the company said it had recently “established an internal whistleblower process” to allow employees to report violations without retaliation.

Gary Lynch expressed confidence that positive changes will be made under Sutherland, who spent decades as an executive with Johnsonville Sausage.

“We expect Dan will not only help us move forward with these initiatives, but also help Lynch Livestock innovate further in this area,” he said.

The company did not publicize another change to its corporate structure. On July 15, two days after signing the USDA consent order, Gary Lynch filed paperwork with the Iowa Secretary of State to change the company’s name to Lynch Family Companies Inc. The same day, a new Lynch Livestock was incorporated.


7 Forever Stocks That Are Never Bad to Buy

Investors thought 2021 would be a less volatile year. That narrative has run into some problems. Sure, all the major indexes are up for the year. And that’s despite the NASDAQ’s gut-wrenching 10% drop in March.

But many investors don’t feel much like celebrating. In fact, many are concerned about the liquidity that continues to be pumped into the stock market. In 2020, the pandemic flooded the economy with $6 trillion dollars of stimulus.

However, in the last few months, the Federal Reserve has introduced another $6 trillion into the economy. We would have stopped counting, but the math is pretty easy. It’s $12.3 trillion that has flooded into the economy.

Eventually, this is going to end badly. But timing the market is an imperfect science particularly when many investors are enjoying the game.

Fortunately, there’s a way to safeguard your portfolio without abandoning equities. That has to do with investing in forever stocks. Forever stocks aren’t magic beans. They don’t go up forever. But they are stocks that have stood the test of time. And investing in these stocks will keep your portfolio heading in the right direction.

With that in mind, we’ve put together this special presentation that showcases seven of these forever stocks. These are all stocks that are household names, but that’s kind of the point. You don’t need special knowledge. You just have to recognize that these are companies that consistently do right by their shareholders.

View the "7 Forever Stocks That Are Never Bad to Buy".


Resources

Premium Research Tools

MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools.

Discover All Access

Market Data and Calendars

Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.

View Market Data

Investing Education and Resources

Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more.

Financial Terms
Details Here
MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.